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Fintech in a China shop. What future should banks prepare for?

BASIC HALL, October 16, 14:00 — 15:00

Fintech market is booming across the globe, and Russia is no exception. But while consumers benefit from the market development by having new and more user-friendly services, traditional financial players face the risk of major losses in traditional market segments because of FinTech revolution. Thus, according to EY, 43% population of the biggest cities in Russia use fintech services, which can be both - a challenge and an opportunity for traditional players of the financial industry.
What strategies do traditional banks use when dealing with the FinTech market? What can they match against it and what can they adopt? What does the future hold for the financial sector? Whether the conduct of banking executives precludes the innovations amid the rapid technology changes? Whether the integration of new digital solutions in the banking industry results in a significant decrease in employees income, followed by a layoff of some of them? Whether it will cause chaos in the institutions that we trust our money to? Should the banking system be re-created? Global platformization: will banks become the platforms? Given that bank secrecy and cybersecurity are both online, will it result in a global security crisis?